The petroleum company is trying to erase its history. But with billions of rupees missing, auditors resigning, and law enforcement agencies taking unprecedented interest, that is proving to be a little difficult.
It is September 2019, and Mumtaz Hasan Khan is a confident man. And why wouldn’t he be? He is the chairman of Hascol Petroleum, a company that has been doing exceptionally well over the past decade. Between 2010 and 2018, Hascol saw its topline surge by an astounding 52.7% per annum, from Rs7.9 billion to Rs234 billion. And while there are concerns over a looming crisis, all he has to do is keep a steady ship sailing smoothly.
“There is nothing to worry about for the company. There come different phases in the life of individuals and companies. And with the grace of Almighty, we will overcome the crisis. We have a very good management team,” he said back then.
But fast forward to today, and nothing remains the same. At the end of a year full of drama and chaos, Mumtaz has been fired, and the company has shuffled CEOs twice. The company’s CFO resigned multiple times, and as of now, the seat remains empty. In 2019, the company made a loss of Rs 26 billion for the year ending December 30. In its recently released report for the third quarter of 2020, it has managed to make a loss of Rs20.9 billion.
The company is crippled by severe debt, which stands at Rs58 billion. The 14 banks Hascol owes money to are now forming a consortium to get the company potentially restructured.
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